New student loan repayment process may help make payments easier
The Department of Education launched a new website to help people with student loans and find a repayment option that best suits their needs.
The move is part of an effort the Obama Administration is undertaking to enroll an additional two million people into repayment programs such as, "Pay As You Earn", which caps monthly student loan payments at 10% of income.
Federal student loan debt exceeds $1.3 trillion and about one in seven borrowers default on their loans within three years of beginning to repay them.
The government accountability office found many eligible borrowers do not participate in income-based repayment programs because they are unaware of their options.